How Flex money transfers work
How Flex money transfers work
A money transfer is when you transfer money from your credit card straight to a bank account. This is not the same as a balance transfer which you can’t do with Flex.
If eligible, you can transfer money with Flex and pay it back as you normally would, in up to 24 monthly payments.
A money transfer can be handy for big purchases or unplanned expenses when the person you’re paying doesn’t accept card. For example, if you’re buying pre-loved furniture online or you need to pay a tradesperson for some home improvements.
When you make a money transfer, you’ll see the transaction in your Flex feed as well as your current account.
We report money transfers to credit reference agencies as normal Flex transactions.
Like most lenders, we charge a small fee for money transfers
The fee is 3% of the amount you transfer. So for example if you transfer £100, you’ll pay £103 in total, including a £3 fee.
If you pay it back with interest, we’ll charge interest on the amount you transfer and the fee.
Pay back at 0% or take more time
You’ll pay back as usual, over up to 24 months at your personalised interest rate. You can see your personalised interest rate and interest free offers in your app.
Plus you can always pay off extra or early to save yourself some interest.
You won’t be covered by Section 75 Protection
Credit cards like Flex come with an extra layer of protection known as Section 75. So if you buy something and it’s faulty or never turns up, you might be able to get your money back.
Section 75 only protects you when you use your credit card directly to pay for goods or services, so things you’ve paid for by money transfer won’t be covered.
Think carefully before using a money transfer
You should only transfer money to your account if you really need to and have a reason in mind, like paying for an unplanned expense.
Think carefully before using a money transfer to pay off borrowing, like an overdraft. It could end up costing you more.
If you’re struggling to pay back money you’ve borrowed, let us know. Our Money Worries hub also has tips and resources to help you take control.
